An analysis suggests that SK Ocean Plant, based on its competitiveness in Taiwan's offshore wind substructure market and its floating offshore wind technology, could benefit from the expansion of South Korea's offshore wind market.

No. 1 Market Share in Taiwan's Jacket Market... Substructure Competitiveness Recognized

Shinhan Investment Securities evaluated SK Ocean Plant as a company with competitiveness in the Asian offshore wind substructure market. In particular, it cited the company's No. 1 market share in jacket substructures in Taiwan's offshore wind market as a key strength.

Since offshore wind turbines must operate stably in marine environments, substructure design and fabrication capabilities are regarded as critical competitive factors. SK Ocean Plant has accumulated experience in manufacturing large-scale structures, expanding its position in the related market, while its business portfolio is not limited to offshore wind alone.

Marine Plants, Shipbuilding, and MRO... Diversified Structure Prepared for Order Fluctuations

The company operates a range of businesses, including marine plants, shipbuilding, and MRO services, securing a diverse business foundation. This has led to the assessment that the company has a business structure capable of responding to order fluctuations in specific markets.

Floating Offshore Wind Technology, a Key Variable in Domestic Market Expansion

Shinhan Investment Securities paid particular attention to SK Ocean Plant's floating offshore wind substructure technology. Floating offshore wind enables the construction of power generation complexes even in deep waters where fixed-bottom installation is difficult, and its importance is likely to grow as South Korea's offshore wind market expands.

The analysis indicates that if domestic offshore wind projects enter the full-scale ordering stage, SK Ocean Plant's order-winning opportunities could also expand, as it possesses both overseas project execution experience and floating structure technology.

Key variables that will determine future performance include domestic offshore wind permitting and ordering schedules, overseas project order trends, and the securing of new substructure volumes.

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